Sterling Bay Secures Final Approval to Develop Redtail Ridge Innovation Campus

News provided by

Aug 26, 2024, 14:30 ET

Road improvements, Campus Drive extension and open space dedications to begin immediately

LOUISVILLE, Colo., Aug. 26, 2024 /PRNewswire/ -- Sterling Bay, a Chicago-based real estate investment and development firm, this week received final approval from the Louisville City Council for its plan to develop the new Redtail Ridge innovation district. The multi-phase development project will transform a vacant 475-acre site into a mixed-use innovation campus focused on delivering life sciences, research & development, manufacturing (cGMP), industrial, office and retail buildings.

The campus is located in Boulder County along the US 36 corridor and is under contract to be anchored by a new home for AdventHealth Avista Hospital. In addition to generating $4.9 billion in annual economic activity upon completion, Redtail Ridge will feature more than 139 acres of public parks and dedicated open space, more than 20 miles of walking trails and bike paths, and 2.54 million square feet of commercial space. The project will also bolster a number of sustainability and wellness commitments, including Fitwel and LEED certifications and on-site solar generation.

"Since acquiring this property two years ago and more than 20 years since Storage Tech closed their facility, Sterling Bay has worked closely with Louisville residents, community and business leaders, and City of Louisville staff to create the best possible version of redevelopment at Redtail Ridge," said Evan Pesonen, Sterling Bay Vice President of Asset Management. "We're very humbled by the broad community support that helped get Redtail Ridge to yes, and now it's time to get to work in building the premier innovation campus in Colorado."

Redtail Ridge is expected to generate $43 million in local taxes and fees throughout construction and $24.4 million annually in commercial property tax revenue at full build out. Projected annual retail sales amount to $144 million and $12.5 million is expected in new annual sales tax revenues. The development will generate approximately 10,500 jobs, including more than 1,400 direct and indirect jobs through AdventHealth Avista's Redtail Ridge location. The hospital will also account for nearly $410 million in annual economic activity, according to an independent economic impact study conducted by Economic & Planning Systems (EPS) in June 2024.

In addition to a public land dedication of 139 acres, the largest non-golf public land dedication in Louisville's history, Sterling Bay's proposal included the development-funded extension of Campus Drive and over $25 million in offsite improvements to the Northwest Parkway. Sterling Bay has also committed to building a third underpass connecting Monarch Campus and Redtail Ridge following a request from the City Council to improve safe passage. Infrastructure work is expected to begin in the first quarter of 2025, with the first building delivered in the second half of 2026.

"Redtail Ridge will not only be the premier innovation and life sciences destination, but it will also be one of the most sustainable campuses in Colorado generating significant renewable energy and opening more than 139 acres of open space, public parks and trails," said Andy Gloor, Sterling Bay CEO.

AdventHealth Avista Hospital at Redtail Ridge will be a state-of-the-art, 160-bed hospital with closer proximity to public transit, improving access and enabling Avista to serve an additional 300,000+ patients living within 17 minutes of the new campus.

Click here to download renderings of the proposed Redtail Ridge development.

ABOUT STERLING BAY
Sterling Bay is an experience-driven real estate company that boldly transforms spaces, industries, and communities across the country, sparking growth and opportunity at every turn. Known for creating innovative, connected, and collaborative spaces for world-class companies such as Google, McDonald's, WPP, Pinterest, Dyson and Tyson Foods, Sterling Bay is consistently recognized for award-winning projects that enhance communities and strengthen a company's culture and brand. Sterling Bay's team of more than 185 professionals is responsible for a portfolio exceeding $5 billion, and a development pipeline of more than $20 billion. For more information, visit www.sterlingbay.com.

SOURCE Sterling Bay